Bitcoin On Its Way Down?

27 нояб. 2022 г.

The last fall to the current level was a very dramatic result of the FTX scandal and related events. Right now, Bitcoin is consolidating after a very sharp fall. You can see that it is necessary since it punched through the BB and had a big bounce. What I see right now is that Bitcoin is failing to break out of a descending triangle. The RSI shows a bearish divergence which means the buyer pressure is not strong enough and is overwhelmed by a bearish trend.

If it continues like this, Bitcoin might fall to that line one more time and then continue dumping. If the mood changes and the crypto market is influenced by positive stock and FED news, this strend could change and we could go up again.

As it stands, I see no reason to hope for a sharp return to higher prices.